reporting TFSA interest in 1040
Moderator: Mark T Serbinski CA CPA
reporting TFSA interest in 1040
I became a US tax resident in 2022. I still did not close all my TFSA accounts because they were invested in GICs. As IRS does not recognize Canadian TFSA I have to add the interest from these GICs to 1040. What would be the best way to show this income in 1040. Obviously I do not have any T5 slips for this income and can use only my bank statements. Thank you.
Serge
Re: reporting TFSA interest in 1040
IRS rarely asks for proof of income. You simply report the income on Schedule B.
nelsona non grata. Non pro. Search previous posts. Happy Browsing 
I will be taking may usual break until MAY. In the meantime, please direct your questions to ND.

I will be taking may usual break until MAY. In the meantime, please direct your questions to ND.
Re: reporting TFSA interest in 1040
"IRS rarely asks for proof of income."
Hope you're not licensed whereby subject to Circular 230 bc if you are you just made a public violation of it with that statement.
Hope you're not licensed whereby subject to Circular 230 bc if you are you just made a public violation of it with that statement.
Re: reporting TFSA interest in 1040
Well, if you bothered to read by signature, you would know that answer.
I merely stated that they did not require any proof to be sent in and categorically stated that they needed to REPORT THE INCOME.
Keep your professional indignation for elsewhere, perhaps on your own professional website instead of someone else's.
I merely stated that they did not require any proof to be sent in and categorically stated that they needed to REPORT THE INCOME.
Keep your professional indignation for elsewhere, perhaps on your own professional website instead of someone else's.
nelsona non grata. Non pro. Search previous posts. Happy Browsing 
I will be taking may usual break until MAY. In the meantime, please direct your questions to ND.

I will be taking may usual break until MAY. In the meantime, please direct your questions to ND.